- quote -

yes, talk with an attorney. I don't know if you can do that
to avoid existing creditors. Also, "putting my share in a
siblings name" sounds different than "disclaiming the
inheritance". Sounds like you want your money, but to have
it held by a sibling in order to cheat your creditors.

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"Paul Thomas" <paulthomascpa[at]bellsouth.net> wrote:
- quote -

Is that also true if it qualifies as a spendthrift trust
under local state law?

- quote -

To disclaim you must execute a qualified disclaimer within
nine months (or at least that's what it was the last time I
checked).

Stu

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"mtb6748" <mtbyrne21[at]juno.com> wrote

- quote -

Yes, they can, but generally won't if you are making your
payments. They may strongly suggest that you use those
funds to pay the tax debt.

- quote -

You could do that, or when the time comes, you can disclaim
the inheritance. It'll flow down the same lines as-if you
had predeceased your parents.

Talk to their attorney who pulled the trust together about
that, as well as your tax problems.

--
Paul A. Thomas, CPA
Athens, Georgia

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My parents have a modest trust in which they are leaving
their 3 adult children some money. I am one of those and am
just about to start on a pay-back program with the IRS for
some back income taxes I owe. Seeing as how I owe back
taxes, can the IRS attach any of this inheritance when it
becomes available? Should I have my parents change their
will & trust to remove me from the trust and put my share
in a siblings name.

Thank You,
Mark

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >